Retail gold jewelry sales in Dubai are expected to cross the one billion dollar mark by the end of 2001, industry sources anticipate, explaining that competitive prices are behind the upward trend. According to these sources, the prices of jewelry in Dubai are 73 percent lower than in European markets and 25 percent less than in neighboring Gulf markets.

The World Gold Council reported that gold demand at the end of the second quarter of 2001 was up 15 percent in the United Arab Emirates (UAE) over 2000 figures, with demand reaching 60.1 tons at the end of the second quarter in 2001. The World Gold Council attributed the growth in the UAE to the economic impact of high oil prices and continuing promotions.

Kuwait, Bahrain and Oman had similar trends, with demand up eight percent in Kuwait, up eight percent in Oman and up two percent in Bahrain for the same periods.

The 8th edition of International Jewelry Dubai (IJD), supported by the World Gold Council and the Diamond High Council (Antwerp), will be held Airport Expo Dubai, April 23-27, 2002. In 2001, 222 exhibitors representing 27 countries participated in the event, attracting more than 15,500 visitors, including 4,167 trade professionals. — (Mena Report)